RCBC shall be having another run of their Amazing Buys Public Auction of their bank foreclosed properties on April 25, 2009, Saturday, at the Podium 4 Lobby, RCBC Plaza, Ayala Avenue corner Buendia Avenue, Makati City, Philippines.

The foreclosed properties that are included in this public auction come from Metro Manila, Albay, Cavite, Laguna, Palawan, Rizal, Bataan, Bulacan, Nueva Ecija, Pampanga, Ilocos Norte, Tarlac, Isabela, and Pangasinan.

Bid terms are excellent as the foreclosed properties for sale can be purchased for as low as 10% down payment, with the balance payable in 10 years, at fixed interest rates.

Interested parties just need to bring Php25,000 show money in the form of cash or manager’s check. However, I strongly advice those who may want to participate in the auction to make sure you have already done your due diligence before bidding because all properties are for sale on an “AS IS WHERE IS” basis.

For more details you may call RCBC AMG at 894-9908 or visit their website, www.rcbc.com.

I noticed that this auction is being handled by CPMI which means it might be possible to buy properties before the public auction by submitting pre-auction bids. The last time they allowed this, interested parties just had to add an additional 5% on top of the minimum bid price. If you are really serious about buying a foreclosed property in this listing, I highly suggest you call CPMI immediately through the numbers listed on the ad and ask if they are accepting pre-auction bids. For truly “amazing buys” that would make good investments, the additional 5% would probably be very small compared to the actual winning bids when auction participants try to outbid each other. For these types of properties, it really makes sense to get it before the auction, that is, if you want to save lots of money!

About Jay Castillo

A lot of people encounter problems and challenges when buying real estate like foreclosed properties. I encountered a lot of challenges myself, which is why I started this blog in 2008 to serve as a guide where I share lessons learned, and how to overcome challenges with real estate investing in the Philippines … [Read more]